Niger Insurance Plc has promised to offset its outstanding claims even as it paid over N1.4bn to customers in the past nine months.
Speaking at a media briefing of the company in Lagos recently, the managing director/CEO, Mr. Edwin Igbiti assured others whose claims have not been paid to exercise patience, noting that, the company has embarked on a plan to offset all outstanding claims by selling off some of its assets.
Responding to the unpaid claims and outstanding customer benefits, Igbiti expressed regret and attributed the delay to the company’s large asset portfolio which is skewed towards fixed assets.
He, however, assured the concerned customers that the company’s assets are more than sufficient to settle all its liabilities and that it has made significant progress towards liquidating some fixed assets to unlock cash and pay all outstanding obligations soon.
Stating that the business of insurance is about Claims, he noted that the recent change in management structure of the insurer was to put Niger Insurance back on the track of paying genuine Claims to its claimants.
He thanked all of its customers for their patience, trust and understanding during this challenging period in its long and otherwise stellar history while reaffirming the company’s renewed sense of responsibility and commitment to excellence.
“There is a growing sense of purpose at Niger Insurance Plc these days; it feels like a new dawn with management, staff and shareholders all working with passion and a common intent to write a great story in this new chapter of the company’s long and chequered history,” he pointed out.
He added that the company’s transformation blueprint over the next five years (2020 to 2024) focuses on operational and technological advancements in delivering bespoke Insurance solutions to businesses, institutions and the growing populace of Nigeria.
The implementation of the transformation plan, according to him, already began in the fourth quarter of 2019 following the appointment of the company’s new MD/CEO.
To him, “the need for Niger Insurance Plc’s transformation is underscored by a combination of market and regulatory changes. Having been in operations for 57years, it had become imperative to address legacy challenges as well as innovate to achieve service excellence, agility and & competitiveness.”
Moreover, the company’s new chief financial officer, Mr. Ademola Salami, while providing a progress update said: “Working with our Financial Advisers, the Board and Management of the company are already engaging with foreign and local investors that have shown interest in the company. High-level negotiations are on-going and we expect to secure substantive offers for investment in the coming weeks.”